Protests erupted this weekend over plans to build a luxury residential tower in the Inwood neighborhood of New York City. The Sherman Plaza development by Acadia Realty Trust is the first project proposed under Mayor Bill de Blasio's recently passed affordable housing plan. Sherman Plaza is located at the triangular intersection of Broadway and Sherman Avenue in Upper Manhattan. The property is poised for redevelopment as a mixed-use project.
Under the new program, 20% of units must be affordable to New Yorkers who make approximately $31,000 a year, 40% of the Area Median Income (AMI). But housing advocates say that 20% of units is not nearly enough in the neighborhood made up of many low-income families.
"What's being passed off as affordable is not really affordable," Ava Farkas, Executive Director of the Metropolitan Council on Housing, told Gothamist. "AMI takes into consideration an area beyond the neighborhood, beyond the confines of New York City."